By Sheri Kasprzak
New York, Oct. 21 - The Triborough Bridge and Tunnel Authority on Thursday revealed the terms of its $346.96 million sale of series 2010A general revenue bonds (Aa2//AA) in a term sheet.
The winner of the competitive bid was Merrill Lynch, Pierce, Fenner & Smith Inc.
The sale included $66.56 million in series 2010A-1 bonds and $280.4 million in series 2010A-2 Build America Bonds.
The series 2010A-1 bonds are due 2011 to 2020 with 2% to 5% coupons and yields from 0.45% to 2.56%. The 2010A-2 bonds are due 2021 to 2027 with term bonds due 2032 and 2040. The serial coupons range from 4.05% to 5.3%. The 2032 bonds have a 5.45% coupon priced at par. The 2040 bonds have a 5.55% coupon priced at par.
Proceeds will be used to finance capital transportation projects and refinance MTA Bridges and Tunnels' general revenue bond anticipation notes.
| Issuer: | Triborough Bridge and Tunnel Authority
|
| Issue: | Series 2010A general revenue bonds
|
| Amount: | $346.96 million
|
| Type: | Competitive
|
| Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc. (winner)
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
| Pricing date: | Oct. 20
|
| Settlement date: | Oct. 28
|
|
|
| $66.56 million series 2010A-1
|
| Maturity | Type | Coupon | Yield
|
| 2011 | Serial | 2% | 0.45%
|
| 2012 | Serial | 4% | 0.63%
|
| 2013 | Serial | 5% | 0.82%
|
| 2014 | Serial | 5% | 1.06%
|
| 2015 | Serial | 5% | 1.36%
|
| 2016 | Serial | 5% | 1.64%
|
| 2017 | Serial | 5% | 1.89%
|
| 2018 | Serial | 5% | 2.14%
|
| 2019 | Serial | 5% | 2.38%
|
| 2020 | Serial | 5% | 2.56%
|
|
|
| $280.4 million series 2010A-2
|
| Maturity | Type | Coupon | Price
|
| 2021 | Serial | 4.05% | 100
|
| 2022 | Serial | 4.25% | 100
|
| 2023 | Serial | 4.5% | 100
|
| 2024 | Serial | 4.75% | 100
|
| 2025 | Serial | 5% | 100
|
| 2026 | Serial | 5.15% | 100
|
| 2027 | Serial | 5.3% | 100
|
| 2032 | Term | 5.45% | 100
|
| 2040 | Term | 5.55% | 100
|
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